About Pip My System

Dude! So you've read just about everything you could possibly get your hands on about the Forex. Now you want to get your feet wet but aren't sure where to start. Well then this blog is for you! Follow along as I take a simple forex trading system and apply it to an unsimple market. If you're new to the blog you should read this first.

Cowabunga System Daily Update: 03/15/07

Main Trend

Current Trend= There was a trend change candle from 12am ET- 4am ET that changed the trend from down to up. The trend remained up after 4am ET.

Today I only looked for long trades.

Today’s Surf

4:45 am ET- There was a moving average crossover for a long trade. RSI was greater than 50, stochastics were trending up and MACD was negative and gaining value. This was a valid entry. The entry was at the close of the candle which was at 9342 with a stop at the most recent swing low which was at 9306. Since I was only 8 pips away from a 50 level I decided to set my target for the same amount of pips I was risking on the trade, which in this case was 36. This put my target at 9378.

8:30 am ET- My target was hit!

Trade Result: +36 pips; R-Multiple= 1.00

Although the waves weren’t as big as I normally like, I was still digging the awesome wave I caught. Awesome dude!